Funding arb · Price arb /

CRCL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0304%/8h= −33.2% APRpaid last 24h −0.026%

Price spread now: Binance against Nado+0.064%48s7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.291% of the position

Long on Nado Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.123%−$12 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.064%, 7d avg +0.010%

Together, before fees−0.099%+ Points / potential airdropNado: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.054% dearer against Nado than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of +0.010%): +$5 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 14 hours. At the pace of the last 3 days (−0.123% in total) that is about 36 hours. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado CRCL-PERP	91.474	0.0337	pay 0.0042% / 1h	44m 39s	$133K	$108K	3x
Short	Binance CRCLUSDT	91.532	0.0034	get 0.0034% / 8h	2h 44m	$104.3M	$393.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Nado. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee NadobpFee BinancebpOrdersPrice spread, now +0.064%Rate

Funding earned: −$63.75
Price spread: +0.064% → +0.010%: $5.43
Slippage, 4 orders: −$12.15
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$87.47
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; Binance: live order book, 14 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Nado live order book, 3 min ago	3.28 bp	7.1 bp −$7	26.1 bp −$261	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.55 bp	6.8 bp −$7	11.3 bp −$113	31.2 bp −$3,121	124.0 bp −$62.0K

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CRCLUSDT	−0.0763%	8h	91.600	+0.138%	$16.7M	$36.1M	25x	as long as short
Vest CRCL-USD-PERP	−0.0068%	1h	91.280	−0.212%	—	$31K	25x	as long as short
Bybit CRCLUSDT	0.0000%	8h	91.530	+0.062%	$14.7M	$26.7M	50x	as long as short
Gate CRCL_USDT	0.0000%	8h	91.570	+0.105%	$7.4M	$27.1M	50x	as long as short
Variational Omni CRCL	0.0000%	8h	91.509	+0.039%	$2.4M	$3.2M	—	as long as short
Phemex CRCLUSDT	0.0000%	4h	91.540	+0.073%	$1.0M	$48K	10x	as long as short
Aster CRCLUSDT	+0.0022%	8h	91.527	+0.059%	$1.0M	$5.1M	20x	as long as short
Lighter RH CRCL	+0.0032%	1h	91.524	+0.055%	$974K	$2.9M	10x	as long as short
Extended CRCL_24_5-USD	+0.0032%	1h	91.507	+0.036%	$1.1M	$5.6M	10x	as long as short
Binance CRCLUSDTshort	+0.0034%	8h	91.532	+0.064%	$104.3M	$393.6M	50x

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CRCLUSDC	+0.0039%	4h	91.574	+0.110%	$52K	$278K	10x	as long as short
Arcus CRCL-USD	+0.0040%	1h	91.550	+0.084%	$93K	$291K	10x	as long as short
Aftermath Perps CRCLUSD	+0.0042%	1h	91.532	+0.064%	$2K	$26K	5x	as long as short
Polymarket Perps CRCL-USD	+0.0050%	1h	91.541	+0.074%	$383K	$1.2M	10x	as long as short
SoDEX CRCL-USD	+0.0050%	1h	91.522	+0.053%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	91.540	+0.073%	$1.0M	$5.1M	10x	as long as short
QFEX CRCL-USD	+0.0054%	1h	91.550	+0.084%	$1.3M	$1.8M	10x	as long as short
Coinbase International CRCL-PERP-INTX	+0.0072%	1h	91.400	−0.080%	$911K	$521K	10x	as long as short
tradeXYZ xyz:CRCL	+0.0088%	1h	91.456	−0.019%	$68.2M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0095%	8h	91.493	+0.021%	$421	$905	5x	as long as short
Pacifica CRCL	+0.0100%	1h	91.530	+0.062%	$134K	$162K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	91.520	+0.051%	$2.7M	$1.8M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	91.550	+0.084%	$67K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	91.530	+0.062%	$913	$2K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	91.529	+0.061%	$4	—	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0110%	8h	91.580	+0.117%	$62K	$1.1M	10x	as long as short
OKX CRCL-USDT-SWAP	+0.0117%	8h	91.570	+0.105%	$22.2M	$61.9M	50x	as long as short
RISEx CRCL/USDC	+0.0117%	1h	91.538	+0.070%	$417K	$295K	10x	as long as short
BloFin CRCL-USDT	+0.0133%	8h	91.550	+0.084%	$1.1M	$1.6M	20x	as long as short
Phoenix CRCL	+0.0210%	1h	91.603	+0.142%	$27K	$82K	10x	as long as short
Lighter CRCL	+0.0288%	1h	91.521	+0.052%	$2.9M	$2.4M	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0297%	1h	91.520	+0.051%	$4K	$768K	10x	as long as short
Nado CRCL-PERPlong	+0.0337%	1h	91.474	long leg	$133K	$108K	3x
Injective CRCL/USDC PERP	+0.0440%	1h	92.040	+0.619%	$5K	$19K	30x	as long as short